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State Bank of South Australia
From Wikipedia, the free encyclopedia
The State Bank of South Australia was a bank owned by the Government of South Australia. The bank was formed by the 1984 merger of two other public banks: the Savings Bank of South Australia and the State Bank of South Australia.
The bank's financial collapse in 1992 was one of the biggest events in the history of South Australia. The State Bank's deposits were legally underwritten by the Government of South Australia, putting South Australia into billions of dollars of debt. SA State Bank managing director Tim Marcus Clark ultimately took most legal responsibility for the Bank's downfall. Politically, it caused the resignation of premier John Bannon in 1992, and the crushing electoral defeat of the South Australian Labor government at the 1993 election.
The State Bank collapse has continued to affect South Australian finances and politics well into the next century. The State Bank debt was given as the main reason for the privatisation of ETSA by the Liberal government of John Olsen.
The saleable portion of the State Bank was acquired by Advance Bank, which was itself bought by St George Bank. The Bank of South Australia (also known as BankSA) is now a division and a trading name of St George Bank. Advance Bank no longer exists as an entity or brand name.
Chris Kenny, who has worked as advisor to Liberal politicians John Olsen, Rob Kerin and Alexander Downer, wrote "State of Denial", a book which analysed the State Bank collapse.
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